09/06/2024 | Press release | Distributed by Public on 09/06/2024 10:00
Page 1 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
I. |
Deal Parameters
|
A |
Student Loan Portfolio Characteristics
|
01/28/2014
|
06/30/2024
|
07/31/2024
|
|||||||||
Principal Balance
|
$
|
948,607,096.92
|
$
|
206,508,679.19
|
$
|
202,491,658.92
|
|||||||
Interest to be Capitalized Balance
|
17,230,470.46
|
2,395,024.94
|
2,397,183.09
|
||||||||||
Pool Balance
|
$
|
965,837,567.38
|
$
|
208,903,704.13
|
$
|
204,888,842.01
|
|||||||
Specified Reserve Account Balance
|
4,984,710.00
|
- N/A -
|
- N/A -
|
||||||||||
Adjusted Pool (1)
|
$
|
970,822,277.38
|
$
|
208,903,704.13
|
$
|
204,888,842.01
|
|||||||
Weighted Average Coupon (WAC)
|
6.28%
|
|
7.16%
|
|
7.15%
|
|
|||||||
Number of Loans
|
201,764
|
32,963
|
32,176
|
||||||||||
Aggregate Outstanding Principal Balance - Tbill
|
$
|
578,520.84
|
$
|
517,654.62
|
|||||||||
Aggregate Outstanding Principal Balance - SOFR
|
$
|
208,325,183.29
|
$
|
204,371,187.39
|
|||||||||
Pool Factor
|
0.209544494
|
0.205517317
|
|||||||||||
Since Issued Constant Prepayment Rate
|
(14.05)%
|
|
(14.79)%
|
|
(1) |
The Specified Reserve Account balance is included in the Adjusted Pool until the Pool Balance is less than or equal to 40% of the original pool.
|
B
|
Debt Securities
|
Cusip/Isin
|
07/25/2024
|
08/26/2024
|
||||||
A3
|
78448EAC9
|
$
|
179,514,667.09
|
$
|
175,539,953.59
|
|||||
B |
78448EAD7
|
$
|
27,300,000.00
|
$
|
27,300,000.00
|
C |
Account Balances
|
07/25/2024
|
08/26/2024
|
||||||
Reserve Account Balance
|
$
|
996,942.00
|
$
|
996,942.00
|
|||||
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
Floor Income Rebate Account
|
$
|
37,843.09
|
$
|
56,023.68
|
|||||
Supplemental Loan Purchase Account
|
-
|
-
|
D |
Asset / Liability
|
07/25/2024
|
08/26/2024
|
||||||
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
208,903,704.13
|
$
|
204,888,842.01
|
|||||
Total Notes
|
$
|
206,814,667.09
|
$
|
202,839,953.59
|
|||||
Difference
|
$
|
2,089,037.04
|
$
|
2,048,888.42
|
|||||
Parity Ratio
|
1.01010
|
1.01010
|
Page 2 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
II. |
Trust Activity 07/01/2024 through 07/31/2024
|
A |
Student Loan Principal Receipts
|
||||
Borrower Principal
|
503,402.58
|
||||
Guarantor Principal
|
1,132,266.67
|
||||
Consolidation Activity Principal
|
3,112,416.84
|
||||
Seller Principal Reimbursement
|
-
|
||||
Servicer Principal Reimbursement
|
-
|
|
|||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
-
|
||||
Total Principal Receipts
|
$
|
4,748,086.09
|
|||
B |
Student Loan Interest Receipts
|
||||
Borrower Interest
|
305,234.82
|
||||
Guarantor Interest
|
84,374.55
|
||||
Consolidation Activity Interest
|
198,714.72
|
||||
Special Allowance Payments
|
0.00
|
||||
Interest Subsidy Payments
|
0.00
|
||||
Seller Interest Reimbursement
|
0.00
|
||||
Servicer Interest Reimbursement
|
(35.34)
|
|
|||
Rejected Claim Repurchased Interest
|
0.00
|
||||
Other Interest Deposits
|
28,142.82
|
||||
Total Interest Receipts
|
$
|
616,431.57
|
|||
C |
Reserves in Excess of Requirement
|
|
-
|
||
D |
Investment Income
|
$
|
43,094.64
|
||
E
|
Funds Borrowed from Next Collection Period
|
-
|
|||
F
|
Funds Repaid from Prior Collection Period
|
-
|
|||
G
|
Loan Sale or Purchase Proceeds
|
-
|
|||
H
|
Initial Deposits to Collection Account
|
-
|
|||
I
|
Excess Transferred from Other Accounts
|
-
|
|||
J
|
Other Deposits
|
-
|
|||
K
|
Funds Released from Capitalized Interest Account
|
-
|
|||
L
|
Less: Funds Previously Remitted:
|
||||
Servicing Fees to Servicer
|
-
|
||||
Consolidation Loan Rebate Fees to Dept. of Education
|
-
|
||||
Floor Income Rebate Fees to Dept. of Education
|
-
|
||||
Funds Allocated to the Floor Income Rebate Account
|
$
|
(18,180.59)
|
|
||
M
|
AVAILABLE FUNDS
|
$
|
5,389,431.71
|
||
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(731,065.82)
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
20,183.44
|
||
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
Q
|
Aggregate Loan Substitutions
|
-
|
Page 3 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
III. |
2014-1 Portfolio Characteristics
|
07/31/2024
|
06/30/2024
|
||||||||||||||||||||||||||||||||
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
INTERIM:
|
IN SCHOOL
|
6.88%
|
|
36
|
$
|
205,489.68
|
0.101%
|
|
6.90%
|
|
42
|
$
|
212,419.68
|
0.103%
|
|
||||||||||||||||||
GRACE
|
6.89%
|
|
18
|
$
|
94,404.54
|
0.047%
|
|
6.93%
|
|
10
|
$
|
66,974.54
|
0.032%
|
|
|||||||||||||||||||
DEFERMENT
|
6.92%
|
|
1,727
|
$
|
10,679,314.16
|
5.274%
|
|
6.91%
|
|
1,761
|
$
|
10,644,483.23
|
5.154%
|
|
|||||||||||||||||||
REPAYMENT:
|
CURRENT
|
7.14%
|
|
21,847
|
$
|
126,933,400.27
|
62.686%
|
|
7.17%
|
|
22,640
|
$
|
133,071,799.76
|
64.439%
|
|
||||||||||||||||||
31-60 DAYS DELINQUENT
|
7.23%
|
|
1,129
|
$
|
9,099,067.73
|
4.494%
|
|
7.13%
|
|
943
|
$
|
7,024,849.16
|
3.402%
|
|
|||||||||||||||||||
61-90 DAYS DELINQUENT
|
7.11%
|
|
648
|
$
|
5,037,912.01
|
2.488%
|
|
7.22%
|
|
646
|
$
|
5,003,679.66
|
2.423%
|
|
|||||||||||||||||||
91-120 DAYS DELINQUENT
|
7.14%
|
|
401
|
$
|
2,804,484.84
|
1.385%
|
|
7.21%
|
|
492
|
$
|
4,183,709.39
|
2.026%
|
|
|||||||||||||||||||
> 120 DAYS DELINQUENT
|
7.22%
|
|
1,303
|
$
|
9,853,656.98
|
4.866%
|
|
7.20%
|
|
1,297
|
$
|
9,523,268.70
|
4.612%
|
|
|||||||||||||||||||
FORBEARANCE
|
7.22%
|
|
4,783
|
$
|
36,145,062.41
|
17.850%
|
|
7.17%
|
|
4,863
|
$
|
35,307,492.45
|
17.097%
|
|
|||||||||||||||||||
CLAIMS IN PROCESS
|
7.10%
|
|
284
|
$
|
1,638,866.30
|
0.809%
|
|
7.02%
|
|
269
|
$
|
1,470,002.62
|
0.712%
|
|
|||||||||||||||||||
TOTAL |
32,176
|
$
|
202,491,658.92
|
100.00%
|
|
32,963
|
$
|
206,508,679.19
|
100.00%
|
|
Page 4 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
IV. |
2014-1 Portfolio Characteristics (cont'd)
|
07/31/2024
|
06/30/2024
|
|||||||
Pool Balance
|
$
|
204,888,842.01
|
$
|
208,903,704.13
|
||||
Outstanding Borrower Accrued Interest
|
$
|
10,715,587.88
|
$
|
10,866,401.95
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
2,397,183.09
|
$
|
2,395,024.94
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,040,864.98
|
$
|
1,115,235.35
|
||||
Total # Loans
|
32,176
|
32,963
|
||||||
Total # Borrowers
|
9,212
|
9,419
|
||||||
Weighted Average Coupon
|
7.15%
|
|
7.16%
|
|
||||
Weighted Average Remaining Term
|
190.15
|
189.15
|
||||||
Non-Reimbursable Losses
|
$
|
20,183.44
|
$
|
18,842.96
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
3,405,831.49
|
$
|
3,385,648.05
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
-14.79%
|
|
-14.05%
|
|
||||
Loan Substitutions
|
-
|
-
|
||||||
Cumulative Loan Substitutions
|
-
|
-
|
||||||
Rejected Claim Repurchases
|
-
|
-
|
||||||
Cumulative Rejected Claim Repurchases
|
$
|
210,184.34
|
$
|
210,184.34
|
||||
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
Unpaid Administration Fees
|
-
|
-
|
||||||
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
Note Principal Shortfall
|
|
-
|
-
|
|||||
Note Interest Shortfall
|
-
|
-
|
||||||
Unpaid Interest Carryover
|
-
|
-
|
||||||
Non-Cash Principal Activity - Capitalized Interest
|
$
|
751,913.32
|
$
|
684,095.33
|
||||
Borrower Interest Accrued
|
$
|
1,188,747.06
|
$
|
1,170,197.74
|
||||
Interest Subsidy Payments Accrued
|
$
|
35,788.47
|
$
|
35,659.31
|
||||
Special Allowance Payments Accrued
|
$
|
153,388.59
|
$
|
152,122.23
|
Page 5 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
V. |
2014-1 Portfolio Statistics by School and Program
|
A |
LOAN TYPE
|
Weighted
Average Coupon |
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
- GSL (1) - Subsidized
|
6.91%
|
|
16,924
|
69,368,168.73
|
34.257%
|
|
|||||||||||
- GSL - Unsubsidized
|
6.93%
|
|
14,361
|
104,294,978.60
|
51.506%
|
|
|||||||||||
- PLUS (2) Loans
|
8.50%
|
|
886
|
28,765,359.54
|
14.206%
|
|
|||||||||||
- SLS (3) Loans
|
8.20%
|
|
5
|
63,152.05
|
0.031%
|
|
|||||||||||
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
Total
|
7.15%
|
|
32,176
|
$
|
202,491,658.92
|
100.000%
|
|
B |
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
- Four Year
|
7.16%
|
|
27,728
|
185,275,845.61
|
91.498%
|
|
|||||||||||
- Two Year
|
7.02%
|
|
3,829
|
15,080,913.49
|
7.448%
|
|
|||||||||||
- Technical
|
7.03%
|
|
583
|
2,031,796.28
|
1.003%
|
|
|||||||||||
- Other
|
7.23%
|
|
36
|
103,103.54
|
0.051%
|
|
|||||||||||
Total
|
7.15%
|
|
32,176
|
$
|
202,491,658.92
|
100.000%
|
|
(1)
|
Guaranteed Stafford Loan
|
(2)
|
Parent Loans for Undergraduate Students
|
(3)
|
Supplemental Loans to Students. The Unsubsidized Stafford Loan program replaced the SLS program on July 1, 1994.
|
Page 6 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
VI. |
2014-1 Waterfall for Distributions
|
Paid
|
Remaining
Funds Balance
|
||||||||
Total Available Funds
|
$
|
5,389,431.71
|
|||||||
A |
Trustee Fees |
- |
$ |
5,389,431.71 |
|||||
B |
Primary Servicing Fee
|
$
|
44,517.01
|
$
|
5,344,914.70
|
||||
C |
Administration Fee
|
$
|
6,667.00
|
$
|
5,338,247.70
|
||||
D |
Class A Noteholders' Interest Distribution Amount
|
$
|
967,244.17
|
$
|
4,371,003.53
|
||||
E |
Class B Noteholders' Interest Distribution Amount
|
$
|
168,935.31
|
$
|
4,202,068.22
|
||||
F
|
Reserve Account Reinstatement
|
-
|
$
|
4,202,068.22
|
|||||
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
3,974,713.50
|
$ |
227,354.72
|
||||
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$ |
227,354.72
|
|||||
I
|
Unpaid Expenses of The Trustees
|
-
|
$ |
227,354.72
|
|||||
J
|
Carryover Servicing Fee
|
-
|
$ |
227,354.72
|
|||||
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$ |
227,354.72
|
|||||
L
|
Excess Distribution Certificateholder
|
$ |
227,354.72
|
|
-
|
Waterfall Triggers
|
|||||
A |
Student Loan Principal Outstanding
|
$
|
202,491,658.92
|
||
B |
Interest to be Capitalized
|
$
|
2,397,183.09
|
||
C |
Capitalized Interest Account Balance
|
-
|
|||
D |
Reserve Account Balance (after any reinstatement)
|
$
|
996,942.00
|
||
E
|
Less: Specified Reserve Account Balance
|
$
|
(996,942.00)
|
|
|
F
|
Total
|
$
|
204,888,842.01
|
||
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
175,539,953.59
|
||
H
|
Insolvency Event or Event of Default Under Indenture
|
N |
|
||
I
|
Available Funds Applied to Class A Noteholders' Distribution Amount Before Any Amounts are Applied to the Class B Noteholders' Distribution Amount (G>F or H=Y)
|
N |
|
Page 7 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
VII. |
2014-1 Distributions
|
A3
|
B |
|
||||||
Cusip/Isin
|
78448EAC9
|
78448EAD7
|
||||||
Beginning Balance
|
$
|
179,514,667.09
|
$
|
27,300,000.00
|
||||
Index
|
SOFR
|
SOFR
|
||||||
Spread/Fixed Rate
|
0.60%
|
|
1.50%
|
|
||||
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
||||||
Accrual Period Begin
|
7/25/2024
|
7/25/2024
|
||||||
Accrual Period End
|
8/26/2024
|
8/26/2024
|
||||||
Daycount Fraction
|
0.08888889
|
0.08888889
|
||||||
Interest Rate*
|
6.06162%
|
|
6.96162%
|
|
||||
Accrued Interest Factor
|
0.005388107
|
0.006188107
|
||||||
Current Interest Due
|
$
|
967,244.17
|
$
|
168,935.31
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
967,244.17
|
$
|
168,935.31
|
||||
Interest Paid
|
$
|
967,244.17
|
$
|
168,935.31
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
3,974,713.50
|
-
|
|||||
Ending Principal Balance
|
$
|
175,539,953.59
|
$
|
27,300,000.00
|
||||
Paydown Factor
|
0.007784398
|
0.000000000
|
||||||
Ending Balance Factor
|
0.343791527
|
1.000000000
|
Page 8 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
VIII. |
2014-1 Reconciliations
|
A |
Principal Distribution Reconciliation
|
||||
Notes Outstanding Principal Balance
|
$
|
206,814,667.09
|
|||
Adjusted Pool Balance
|
$
|
204,888,842.01
|
|||
Overcollateralization Amount
|
$
|
2,048,888.42
|
|||
Principal Distribution Amount
|
$
|
3,974,713.50
|
|||
Principal Distribution Amount Paid
|
$
|
3,974,713.50
|
|||
B |
Reserve Account Reconciliation
|
||||
Beginning Period Balance
|
$
|
996,942.00
|
|||
Reserve Funds Utilized
|
0.00
|
||||
Reserve Funds Reinstated
|
0.00
|
||||
Balance Available
|
$
|
996,942.00
|
|||
Required Reserve Acct Balance
|
$
|
996,942.00
|
|||
Release to Collection Account
|
|
-
|
|||
Ending Reserve Account Balance
|
$
|
996,942.00
|
|||
C |
Floor Income Rebate Account
|
||||
Beginning Period Balance
|
$
|
37,843.09
|
|||
Deposits for the Period
|
$
|
18,180.59
|
|||
Release to Collection Account
|
-
|
||||
Ending Balance
|
$
|
56,023.68
|
|||
D |
Supplemental Purchase Account
|
||||
Beginning Period Balance
|
-
|
||||
Supplemental Loan Purchases
|
-
|
||||
Transfers to Collection Account
|
-
|
||||
Ending Balance
|
-
|
Page 9 of 9
|
Trust 2014-1 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |